U-Gain is a retail note which offers a fixed interest of 9% per annum. The note’s investment period or tenure is 12 months. The U-Gain Note was issued by Untu Capital.
What sets U-Gain apart is that investors can subscribe using mobile and online devices and paying using mobile wallets. Untu Capital realized that by eliminating the need for Note investors to have bank accounts and making sure the minimum investment was as low as $50, many more Zimbabweans could get involved.
Untu Capital has announced that the U-Gain note was oversubscribed by 73% as it raised $1.752m against a target of $1m. As a result,
the directors have resolved to allot the notes as follows; the first $5 000 allotted in full plus 56,74 percent of the remaining balance applied for.
Back when Untu Capital first invited applications for U-Gain, they announced that the retail note would be listed on the Financial Securities Exchange (FINSEC.) The note was listed yesterday, the 29th of January 2018 on the Fixed Income Board of FINSEC.
The note becomes only the third listing on FINSEC and coincidentally is also only the third fixed income security on local markets.
Untu Capital is looking to raise $5m and this note issuance was the first tranche. This first tranche attracts 9% interest, the second will attract 9.5% and the third will fetch 10% interest per annum.
When Techzim first wrote about U-Gain those who commented felt 9% interest was too low but some argued that it was actually competitive considering the other investment options on the market. It appears after due diligence, a good number realised that it was a good opportunity.
If you want to know more about Untu Capital and the U-Gain retail note and how you can get involved too click here.
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